Advantagewon Announces Production Results and an Update from Deeper Oil Zone Tests.

October 31, 2018 8:00 AM EDT | Source: Advantagewon Oil Corp.

Toronto, Ontario--(Newsfile Corp. - October 31, 2018) - Advantagewon Oil Corp. (CSE: AOC) (OTCQB: ANTGF) (the "Corporation", "Advantagewon", "AOC") announces production results from deeper oil zones tested in the first of two existing wells on one of its leases in LaVernia.

As previously announced in the Corporation's October 3rd, 2018 press release, the Corporation commenced testing on one of the two existing wells. At the time of that press release, the Corporation reported that the first well was producing oil from the newly completed zone. The Corporation also announced that testing of the second well was delayed due to the very wet weather in the region. Once the weather improved, the Corporation stated that it would commence testing on the second well and that it would announce the combined rates. Weather has remained wet and testing is not yet complete on the second well, however, the first well has stabilized and continues to produce oil. The results from the second well will be announced when testing is completed.

The average combined monthly production from this lease this year to the end of August was 105 barrels of oil per month. With the deeper sand zone completed and on production in the first well, the total production from this lease more than doubled to 216 barrels of oil for the month of September. The purpose of this deeper well completion was to establish a second Poth sand zone as oil charged and capable of production and therefore a candidate for further development drilling and additional deeper Poth sand zone completions in existing wells. These additional zone completions were completed at a cost of under $14,000.00 USD.

Mr. Charles Dove stated: "We continue to pursue opportunities to increase production on our existing wells and leases. Based on WTI prices trading at $66 USD per barrel, the completion of the deeper zone will add approximately $85,000.00 USD gross revenue per year. This result also greatly assists the Corporation in prioritizing properties and zones for new drilling and directing addition work on existing wells."

About Advantagewon Oil Corp.

Advantagewon is focused on building consistent cash flow from low cost, low risk oil wells in the State of Texas. AOC applies specialized expertise to increase oil recovery from 10-15% to up to 75% for each well. Once the enhanced recovery strategy is successfully applied, AOC will repeat the process throughout the oil pool to maximize output and minimize cost and risk. Advantagewon's common shares are listed on the OTC Markets in the United States and on the Canadian Securities Exchange ("CSE") in Canada. Advantagewon is a member of the CSE Composite Index (CSE: AOC). For more information please visit www.aoc-oil.com.

For further information please contact:

Mr. Charles Dove
CEO & Director
Advantagewon Oil Corp.
T: (403) 815-2440
E: charles.dove@aoc-oil.com
W: www.aoc-oil.com 

Mr. Paul Haber
Chairman & Director
Advantagewon Oil Corp.
T: (416) 318-6501
E: paul.haber@aoc-oil.com
W: www.aoc-oil.com 

Mr. Frank Kordy
Secretary & Director
Advantagewon Oil Corp.
T: (647) 466-4037
E: frank.kordy@aoc-oil.com
W: www.aoc-oil.com

Forward-Looking Statements

Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

info